An increasing number of Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. These investments are made more accessible with mortgages that offer low rates, even for properties in non-winterized or remote locations. These mortgages cater to various purposes, such as lake cottages or college housing options. However, it is important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more. Different types of cottages also have different requirements, including higher down payments and rates. Mortgage options depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. Fortunately, innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.